The death of bricks-and-mortar stores has resulted in more than a collapse in department store sales; the percentage of mall vacancies in the U.S. also remains elevated at uncomfortable levels. This is not only a function of unnecessary retailers. It’s also because there are simply too many mid-level restaurants. In addition to pressuring

While pending sales of existing homes had an unexpectedly large decline in August, the losses were concentrated in the Northeast and Midwest regions. Still, the headline figure further dims the view of the summer selling season, which was once expected to rebound after its late and fitful start. The headline index declined 1

As Brazil slipped into recession this year, Chile, Colombia, Mexico and Peru emerged as the backbone of a region that has often disappointed investors. Unlike Argentina and Venezuela, the four Pacific Alliance countries embraced reforms, foreign investors and orthodox monetary and fiscal policy. Unlike Brazil, a hands-off policy with the

The industrial production report should be scored as weak, though not very likely to be sustained. Industrial production unexpectedly fell 0.1 percent in August, in most part due to a 7.6 percent slump in motor vehicle and parts production. It’s hard to believe that a weak auto production-influenced report is sustainable, especially with

There was encouraging news in the second estimate of second quarter GDP. Total trade posted its largest combined percentage gain since 2010, before the European crisis began in earnest. While the growth in imports actually subtracts from U.S. GDP as an accounting matter, it reflects stronger demand from U.S. firms and consumers. The